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Equitix invests in Full Circle Generation, Northern Ireland's largest energy from waste plant

Nov

06

Equitix has reached Financial Close alongside UK Green Investment Bank, developer RiverRidge Energy Limited, and P3P Partners for a new £107m Energy from Waste (EfW) plant in Belfast, Northern Ireland. The facility will be located adjacent to Bombardier’s wing facility in the city’s Harbour Estate.

The 14.85 MW plant, which will be fuelled by feedstock derived from household and commercial waste, is the largest EfW project to be financed in Northern Ireland. It will generate approximately 61 GWh of renewable electricity annually — enough to power more than 14,500 homes.

The design-build-operate contract has been awarded to Bouygues Energies and Services, which expects the plant to be fully operational by late 2017. The project, which qualifies for the Renewable Obligation scheme, is expected to create around 250 jobs during construction and 20 permanent positions in operations.

A long-term feedstock contract has been agreed with waste management company Pioneer Fuels and a Power Purchase Agreement (PPA) has been signed with Bombardier.

“This multi-million pound project is hugely significant, not just for Belfast, but for the Northern Ireland economy as a whole as it will create hundreds of jobs and protect many more. As well as creating 250 construction jobs and 20 full-time posts once the facility is operational, it will also provide a competitive energy source for Bombardier, which is our largest manufacturing employer.”

Nick Parker, Chief Operating Officer, Equitix, said:

“This is Equitix’s first deal in Northern Ireland and we are delighted to be investing alongside the UK Green Investment Bank and P3P Partners. This project builds on Equitix’s portfolio of Energy from Waste deals delivering more sustainable long-term solutions to waste management and creating excellent opportunities for the local communities.”

UK Green Investment Bank plc (GIB) and Equitix have today announced a commitment to fund the construction of a £30m energy facility in Widmerpool, Nottingham.

The Equitix managed fund Energy Savings Investments (ESI), in which GIB is a cornerstone investor, is investing £14.6m in the project. An additional £15m of private capital has been mobilised from the Equitix Energy Efficiency Fund (EEEF).

The plant is to be built in Widmerpool and was developed by Mycock Associates Ltd with support from Pinnacle Power ltd. It will generate up to 6.5 MW of green electricity and will be built as Combined Heat and Power (CHP) ‘ready’ with the potential to supply heat to a co-located wood drying facility.

It is expected to cut greenhouse gas emissions by approximately 8,400 tonnes of CO2e per year, the equivalent of taking 3,750 cars off the road for the life of the project.

A joint venture between STC Power S.R.L and Pensotti Fabrica Caldaie Legano S.P.A will act as the EPC Principal Contractor. The scheme’s biomass boiler and flue gas cleaning systems are being supplied by biomass specialists Pensotti Fabrica Caldaie Legano S.P.A which will also supply the clean electricity generation equipment.

Once operational the project will sell electricity to GDF Suez UK under a long-term power off take agreement and Veolia Energy Services Ltd has been awarded the long-term operations and maintenance contract.

The development is expected to create 60 jobs during construction and a further 15 full-time positions once operational.

"This plant represents another important step in advancing the country’s transition to a low-carbon economy. Supplying the local grid with renewable electricity, the plant has the capability to produce heat as well as power, making available affordable, low-carbon energy supplies for local businesses while also providing employment opportunities within the community."

Geoff Jackson, Chief Executive Director, Equitix, said:

"Equitix have a robust pipeline of CHP opportunities in the UK and we are pleased to have closed another of these deals on behalf of our investors. We work with a diverse range of partners to support innovative deals across the country that will ultimately deliver remarkable carbon savings over the projects’ life. As investors we aim to make a difference and believe that delivering returns to shareholders can be fully aligned with a commitment to sustainable investments."

"The support of Nottinghamshire County Council has enabled us to redirect waste from local landfill and to generate sufficient green electricity to power up to 20,000 homes within the local community."

Equitix achieve financial close on the Midlands Priority School Building Programme

Aug

13

A Carillion Joint Venture with Equitix has achieved financial close on the Midlands Priority School Building Programme. The programme is for

It comes as part of the government’s £750M Priority School Building Programme (PSBP) which allows the Education Funding Agency to manage the replacement and upgrading of selected schools in England.

Under the deal eight new schools will be constructed over a two-year period at a cost of £138m.

Schools in the Midlands Priority Programme

Alfreton Grange Arts College, Derbyshire

ARK Kings Academy, Birmingham

Greenwood Academy, Birmingham

Plantsbrook School, Birmingham

President Kennedy School, Coventry

The Phoenix Collegiate, Sandwell

The Queen Elizabeth Academy, Warwickshire

Top Valley Academy, Nottingham

Hard facilities management and life-cycle maintenance services will also be delivered by Carillion for £49m over the life of the concession contract.

Carillion said it would use the projects to provide training and apprenticeship opportunities as well maximising the use of local suppliers.

Midlands Priority Schools Building Programme will ensure improved facilities and outcomes for both students and staff by replacing existing substandard buildings.

Equitix Fund IV Reaches First Close

Jul

24

Equitix is pleased to announce a First Close of £278 million for Equitix Fund IV, Equitix’s fourth core infrastructure fund achieving over 55% of the Fund’s £500 million target. The capital has been raised from 12 UK and European pension funds including a number of re-ups from Equitix Fund I, II and III investors. To date Equitix has raised over £1.5 billion from institutional investors across its core infrastructure and energy efficiency focused funds.

The focus of Equitix Fund IV will remain consistent with that of Funds I, II and III, investing in long-term core infrastructure projects with the majority of assets being availability based and backed by UK Government or other regulated entities. Equitix has continued to move with the market investing across a range of sectors from education and healthcare to waste and renewables, remaining nimble to adapt to evolving policies.

Hugh Crossley, CIO of Equitix said, “We are delighted to have our fourth core infrastructure fund off the ground. We have had great support from investors and are pleased to see that there is such strong appetite for Equitix’s investment class.

“Equitix’s core focus is to raise funds and deploy them quickly which we have successfully delivered in predecessor funds. After a successful fund raise for Equitix Fund III, we have committed the full £505 million in just under 2 years. We expect to adopt a similar strategy to the investment of Fund IV and have identified a pipeline of projects for the fund to invest in.”

Equitix are being advised by Ashurst and Evercore Private Funds Group.

Once operational, the plant will generate 6.5 MW of renewable electricity and save approximately 12,700 tonnes of CO2e every year

UK Green Investment Bank plc (GIB) and Equitix have today announced a commitment to fund the construction of a £30m energy facility in Sheffield.

The Equitix managed fund Energy Savings Investments (ESI), in which GIB is a cornerstone investor, is investing £14.6m in the project. An additional £15m of private capital has been mobilised from the Equitix Energy Efficiency Fund (EEEF).

The plant, is to be built in the Holbrook area of the city and was developed by UYE (UK) ltd. It will generate over 6.5 MW of green electricity and will be built as Combined Heat and Power (CHP) ‘ready’ with the potential to supply heat to more than 6,700 local homes and commercial properties.

It is expected to cut greenhouse gas emissions by approximately 12,700 tonnes of CO2e per year, the equivalent of taking 5,700 cars off the road for the life of the project.

Once operational the project will sell electricity to GDF Suez UK under a long-term power off take agreement and Veolia Energy Services Ltd has been awarded the long-term operations and maintenance contract.

The development is expected to create 60 jobs during construction and a further 15 full-time positions once operational.

“We are very pleased to be able to help UYE realise its vision of a highly-efficient, smaller-scale, CHP ready plant. It is a project that typifies the role of the GIB in helping developers to utilise innovative technology to create new sources of green power to cut carbon emissions and create important local benefits for communities.”

Geoff Jackson, Chief Executive Director, Equitix, said:

“Closing this deal marks a significant milestone for Equitix; it is the first community-scale biomass project in our energy efficiency portfolio and delivers beneficial carbon savings to the environment. We expect to see similar deals closing in the coming months and through these investments will continue to do what we set out to do: creating a more sustainable UK.

“Equitix is pleased to have achieved this close on behalf of our investors.”

Stephen Brooks, Director, UYE (UK) Limited, said:

“It has taken us over five years and almost half a million pounds to get this project designed, consented and funded and we are absolutely delighted that the UK Green Investment Bank and Equitix have had the courage and commitment to work with a local, small private company and fund this community-scale CHP ready project.

“We see that these local, community-scale energy generation projects are one of the ways to reduce carbon emissions, reduce grid losses and generate useable, sustainable and affordable heat for local communities. This project is the first in our proposed portfolio of similar developments.

“Many people told us that we would never be able to compete with the large energy generation companies, but thanks to the help, support and innovative thinking of the GIB and Equitix we have been able to fund this project and bring it through to construction.”

-UKGreen Investment Bank and Equitix announce a total commitment of £4m toprogramme of sewage heat recovery system installations across Scotland

-Thefirst time this innovative technology, developed by SHARC Energy Systems, willbe deployed in the UK

-BordersCollege first to benefit after agreement reached with Scottish Water

-Announcementmade as GIB holds its Annual Review event in Edinburgh

UK GreenInvestment Bank plc (GIB) has today announced the 50th transaction it hasfunded since it was formed in October 2012. It has now committed a total ofover £2bn to transactions worth over £8bn, in every part of the UK.

TheEquitix-managed fund Energy Savings Investments (ESI), in which GIB is acornerstone investor, is investing £2m in a sewage heat recovery systeminstallation programme in locations across Scotland, beginning with BordersCollege.

Anadditional £2m of private sector capital has been mobilised from the EquitixEnergy Efficiency Fund (EEEF).

It willbe the first time the sewage heat recovery technology, developed by SHARCEnergy Systems, has been deployed in the UK.

The pilotproject will see heat extracted from waste water intercepted from ScottishWater’s Galashiels network. The heat will then be sold to Borders College undera 20-year purchase agreement resulting in energy and cost savings and areduction in carbon emissions.

Installationof the system is scheduled to start later this month and completion is expectedby the end of the summer. The work will be carried out with no disruptions tonormal operations.

Theannouncement was made at GIB’s annual review event in Edinburgh this morningwhere stakeholders gathered to hear about GIB’s progress over the year 2014/15.

LordSmith of Kelvin, Chairman, UK Green Investment Bank, said:

“Our 50th investment neatly sums upwhat we are trying to achieve at GIB. We are backing the deployment ofinnovative new technology across the UK to produce renewable energy, cut energyuse, cut costs and improve the UK’s green performance.

“It is enabling SHARC Energy systems to equipBorders College with pioneering technology in an arrangement that I hope can bereplicated elsewhere in the country.”

GeoffJackson, Chief Executive Officer, Equitix, said:

“Equitix has developed a strong track record ofinvesting in turnkey projects through our core infrastructure funds. We arevery pleased to be building on our existing experience by investing into highquality and environmentally beneficial projects through our energy efficiencyfunds.”

RussBurton, Chief Executive Officer, SHARC Energy Systems, said:

“The funding now enables SHARC to move aheadwith the flagship installation at Borders College, making it the firstorganisation in the UK to adopt our world-leading technology. It alsorepresents a major step forward in its heat production and energy efficiencytargets for the entire campus.”

UK Green Investment Bank plc (GIB) and Equitix have today announced a commitment to fund a building retrofit programme throughout the UK.

The Equitix-managed fund Energy Saving Investments (ESI), in which GIB is a cornerstone investor, is investing £2.5m in the project. This will mobilise an additional £2.5m of additional private sector capital from the Equitix Energy Efficiency Fund (EEEF).

The developer, Climate Energy has a robust pipeline of opportunities and is developing the first energy efficient LED lighting project at global aviation supplier GKN Aerospace’s Falcon Yard facility on the Isle of Wight. It will then look to deliver a number of other schemes across other sectors in other UK locations.

The asset will be managed by Climate Energy, a subsidiary of Climate Energy Holdings Ltd. The asset will be owned by Equitix ESI Retrofit (Lighting) Ltd and GKN will make a lease payment to the SPV, paid out of energy consumption savings.

The new lighting will be specially selected to optimise the light levels required for the work carried out on each particular site.

Bill Rogers, Managing Director, UK Green Investment Bank, said

“The new lighting will last longer, require less maintenance, reduce energy consumption and contribute to a reduction in carbon emissions. It’s a relatively hassle-free way for companies to cut running costs and energy bills while aiding the transition to a low carbon economy in the UK.”

Geoff Jackson, Chief Executive Officer, Equitix, said:

“It is good to see companies taking a serious interest in their energy consumption and implementing responsive action to make a change. This simple yet efficient technology is well proven and is set to make a real difference to those who choose to install it”.

“We are delighted that the Equitix have agreed to fund our client GKN Aerospace LED lighting project. This enables excellent energy and carbon savings at their East Cowes manufacturing facility whilst preserving capital that supports their core business activities”

Balfour Beatty, the international infrastructure group, announces the sale of its 50% interest in the Royal Infirmary of Edinburgh project for a consideration of £72 million. The proceeds from the transaction are consistent with the most recent Directors’ valuation.

The investment is being acquired by funds managed by Equitix, a market leading investor and fund manager of core infrastructure assets. The sale of the investment remains subject to the right of the co-shareholder to exercise its rights of pre-emption at the proposed sale price.

The consideration is to be paid in cash in full on completion of the transaction, expected to occur by mid-June, and will be retained within the business.

Leo Quinn, Balfour Beatty Group Chief Executive, said: “This transaction again underlines the quality of the investments portfolio and its ability to generate value for shareholders. It also demonstrates our commitment to maintaining a strong balance sheet through self-help as we deliver the first phase of the Build to Last transformation programme.”

Morgan Sindall and Equitix reach Financial Close on the North West, Priority Schools

Mar

25

Morgan Sindall Investments Limited and their investment partner Equitix have reached Financial Close on the North West Building Programme batch. This is the third PF2 batch of schools to close and has a capital value of £110m.

The batch consists of five secondary schools and seven primary schools which will benefit 8,150 pupils across the North West. Morgan Sindall plc, sister company to Morgan Sindall Investments Limited, will be responsible for the design and construction of the schools in the programme, with Integral UK providing FM Services.

The schools that are benefiting from this programme are located in Chester, Wigan, Blackpool, Birkenhead, Runcorn, Stockport and Manchester with schools due to be handed over between April 2016 and September 2017.

Lisa Scenna, Managing Director at Morgan Sindall Investments comments: “Reaching Financial Close on this project is important for Morgan Sindall and for the 8,150 pupils we will be providing improved schools for. We look forward to working with our consortium partners and the EFA over the coming 2 years to complete the construction of all the schools in the project”.

Nick Parker, Chief Operating Officer, Equitix commented “Equitix are delighted to be involved with the Priority Schools Programme, providing essential educational facilities that will benefit children across the North West of England. As a long term investor, it is important that we continue to commit to the UK’s future and by supporting the education system, we hope to enable children to learn in fit for purpose buildings and environments, setting a great foundation for future prospects.”

Skanska reaches financial close for New Papworth Hospital in Cambridge, UK

Mar

13

Skanska and Equitix has reached financial close with the Papworth Hospital NHS Foundation Trust for the New Papworth Hospital in Cambridge, UK. The PPP-contract includes design, build, finance, operations and maintenance responsibilities.

The construction contract is valued at around GBP 140 M, about SEK 1.8 billion, which will be included in the order bookings for Skanska UK for the first quarter of 2015.Skanska’s share of the equity investment is GBP 5.5 M, about SEK 70 M, which represents 50 percent and Equitix will commit the remaining 50 percent.

The consortium consists of Skanska together with OCS, who will provide soft facilities management services.Construction is expected to start immediately, with estimated completion in early 2018.Skanska Infrastructure Development is a leader in the global Public Private Partnerships (PPP) market. The business unit invests in, develops and operates roads, hospitals, schools, power plants and other social infrastructure in partnership with the public sector.

Balfour Beatty & Equitix reach financial close on Welland Waste Wood Power Station

Mar

11

Balfour Beatty Investments & Equitix announces that it has reached financial close on a £51.6m advanced conversion technology waste wood power station located in Northamptonshire. Balfour Beatty will invest £17.2 million, as will each of its two consortium investment partners, Noy Infrastructure & Energy Investment Fund and Equitix.

The 26 month construction programme started in March 2015 and will be undertaken by MWH Treatment Limited. Once complete, the project will convert 60,000 tonnes of dry waste wood feedstock, that is being supplied locally by Welland Waste Management Limited, into 9MW of electricity using Nexterra Systems Corp. gasification technology.

The clean electricity generated will be exported to the national grid and will be enough to power more than 17,000 UK households a year and, result in an annual saving of 28,809 tonnes of CO2 against a baseline assumption that the waste wood would otherwise be exported for energy recovery in Northern Europe. The project is expected to create 100 jobs during construction and 19 permanent jobs during operation.

Laing Rourkesold its full shareholding (40%) in the Barnsley BSF project to Equitix

Mar

02

Laing Rourke (LOR), the multinational construction company, sold its full shareholding (40%) in the Barnsley BSF project to Equitix for a consideration of £34.5m.

The project which was delivered through the Government’s Building Schools for the Future Programme delivers 8PFI funded educational facilities within the Barnsley area. In addition,there are also 3 authority funded projects within the programme. All facilities are fully operational and are providing enhanced educational facilities for both teachers and pupils within the borough. Construction was undertaken by Laing O’Rourke and John Laing.

Barking and Dagenham BSF Reaches Financial Close

Feb

27

Laing O’Rourke (LOR), the multinational construction company, sold its full shareholding (40%) in the Barking & Dagenham BSF project to Equitix for a consideration of £8.4m.

The project which was delivered through the Building Schools for the Future programme has delivered 1 PFI and 11 Authority funded education facilities within the Borough. All construction works, to date, have been completed by Laing O’Rourke.

Balfour Beatty and Equitix Consortium has Completed the Acquisition of a £352 million Offshore Transmission Project in Wales, UK

Feb

18

Equitix, the infrastructure developer and investment manager, alongside Balfour Beatty, the international infrastructure group, have today announced that they have reached financial close and completed the acquisition of the £352 million Gwynt Y Mor offshore transmission project (OFTO) in the UK. Gwynt Y Mor is the second OFTO Equitix invested in, following the close of the £317 million Greater Gabbard OFTO in November 2013.

The Gwynt Y Mor OFTO, previously operated by Gwynt Y Mor Offshore Wind Farm Limited, is the high-voltage electricity transmission system connecting the 576MW offshore wind farm, in North Wales, to the onshore transmission grid. The assets include two offshore and one onshore substation and over 80 kilometres of subsea cables. Operations and maintenance is being undertaken by Balfour Beatty’s Services division under a licence granted by Ofgem.

Hugh Crossley, Equitix’s Chief Investment Officer, said: “Equitix’s commitment to the offshore transmission market is testament to investor appetite for long term, availability based UK infrastructure. Working in partnership with Balfour Beatty and Ofgem to provide these facilities is critical to the development of the Government’s national programme to deliver renewable sources of energy and Equitix are wholly dedicated to supporting this.”

Equitix Selected as Preferred Bidder for a Second Priority School Programme

Jan

06

The joint venture of Carillion and Equitix will finance, design, build and provide hard facilities management for the eight schools that comprise the Midlands private finance batch of the government's £750 million Priority School Building Programme (PSBP). The project has a capital value of circa £150 million and the concession will be for 27 years.

Nick Parker, Chief Operating Officer, Equitix commented “We are pleased to further our involvement in the Priority Schools Building Programme. This is an exciting programme to build modern schools, deliver opportunities for apprenticeships and local suppliers, and to maintain the assets for the length of the concession.”

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